Innovative Artists-Leased Santa Monica Office Building Sells (Exclusive)
UPDATED: The Broadway Street building houses the talent agency's production offices; the transaction is unrelated to Innovative's headquarters property, which the company owns.
A Santa Monica office property that houses an outpost of talent agency Innovative Artists has sold for $6.3 million. The deal for the property at 1617 Broadway St. closed in mid-July.
The buyers were a group of investors led by Jay Rifkin, a film producer whose credits include Waiting..., Hesher and Incident At Loch Ness. The seller was SZS Crossroads Associates LLC, the entity of undisclosed investors.
Innovative's headquarters are nearby in Santa Monica at a 10th Street property the agency owns. The company occupies the third floor of the Broadway Street building, where it houses its production department. Innovative has about five years remaining on its lease of 5,000 square feet, said James Wilson of commercial real estate brokerage Lee & Associates, who represented the buyers in the transaction.
“Innovative plans on continuing to enjoy our space," said Debbie Haeusler, vice president of Innovative, who oversees the Broadway Street offices, where agents who represent below-the-line clients are housed.
The 14,860-square-foot building is fully leased and also includes a handful of live-work units. Wilson said he considers the deal to be "below market" at $424 per square foot. "I think it's a great price, because the creative space market is very tight now," he said.
The buyers were also represented by Dave Wilson of Lee & Associates. Brad Kesner of Stone-Miller represented the seller; he did not return a phone call seeking comment.